How Growth Occurs

Each year insurance agents across America create strategies for growth. This plan is usually focused on items such as advertising, the hiring of new producers, or target marketing. The general problem with these plans is the attention they take away from the importance of retention.

Agency growth is simple, before growth can be achieved, retention has to be improved. To put it simply, securing the back door of your business is as important as the welcome mat on the front. 

Before agents can become serious about “growing” they must take a systematic approach to the “shrinking” that is being ignored year after year? Keep in mind that an agency with 1000 clients and an 88% retention rate that wants to grow 10% in the upcoming year must first replace the 120 clients that they will lose before they ever begin to experience any growth.

The problem with this dilemma is time. The majority of agency principals focus their time on acquiring new business aka 'the front door'. This leaves little time to realize the true cost of leaving their renewals or 'back door' unattended. The majority of independent agencies are too busy servicing, administering, and selling, to place the appropriate time or focus required for the critical touchpoint of annual reviews. 

UpdateMyFile.com has been intuitively designed to provide a simplistic solution to assist agents with improving their retention. By implementing UpdateMyFile.com agents and agencies are able to increase client retention, grow their agency through account rounding and referrals, all while decreasing their errors and omissions exposure.

To get started on your road to true growth, please click the button below.